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Dec 26, 2012
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it's very good for china. but of course, the fiscal cliff will have a huge impact on where emerging markets and the rest of the world goes this year. i think if you really want to play it smart, you look at consumer-facing businesses, health care technology, emerging markets. you can't lose. >> well, ron, that's what i was going to ask you. you brought up india and the rising consumer is such a big piece of the growth story there. can you drill down for me more on how we can tap into that and capitalize on it? >> absolutely. so here's the issue with the consumer. obviously the consumer story is the biggest thing for the emerging markets. that's the story for the next decade at least. the issue is that a lot of the adrs that we can trade don't really touch the consumer as much as we'd like. there are a few. on the technology side, we like a number of stocks, like we like china mobile. that's chl. that gives you the emerging consumer, that's really moving into mobile. we like qihu. that's a stock that really get
it's very good for china. but of course, the fiscal cliff will have a huge impact on where emerging markets and the rest of the world goes this year. i think if you really want to play it smart, you look at consumer-facing businesses, health care technology, emerging markets. you can't lose. >> well, ron, that's what i was going to ask you. you brought up india and the rising consumer is such a big piece of the growth story there. can you drill down for me more on how we can tap into that...
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Dec 17, 2012
12/12
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not have distribution with the largest phone carrier, china mobile. they have distribution with unicomm. it looks great but not as good as what it did in the u.s. that's one reason. >> very quickly, on apple map debacle, how damaging was that? that was a slip, a big slip for them. >> yes, i think it was. a little bit after turning point for the company because its leadership in software for wireless was unquestioned. for the first time, users were saying, you screwed this up. >> you messed this up. >> yes. that sent a signal, they changed leadership. >> they had a reputation for doing everything right. this was an instance for where they did not. thank you. >> good to have you here. >> brian shablgtman. >> hard to talk about apple without talking about google. there are reports over the weekend this they are settling their search issue with the ftc. also interesting can comments about how they really believe that search with google will be more mobile than desktop on the year 2016. it is up $14.49. sue, to you. >> brian, thank you very much. we raise
not have distribution with the largest phone carrier, china mobile. they have distribution with unicomm. it looks great but not as good as what it did in the u.s. that's one reason. >> very quickly, on apple map debacle, how damaging was that? that was a slip, a big slip for them. >> yes, i think it was. a little bit after turning point for the company because its leadership in software for wireless was unquestioned. for the first time, users were saying, you screwed this up....
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Dec 6, 2012
12/12
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but how do you see the big picture in china? there's definitely a narrative that says high levels of capital spending lead to poor profitability and maybe that's what the stock markets had a sniff on over the last 18 months. where do you think we are in that story? >> well, no doubt it's driven by capital like all capital investments. and where are the investments going? they're going to china's massive infrastructure. don't forget china is still in the middle of a largest organization exercise in human history, building something like 221 new cities. so there's no did you tell that some of the buildings and roads or even shopping malls may in the short term appear empty. and then that fits into the kind of speculation there will be a huge asset or property bubble that's bound it on burst. but don't forgetbeginning, a lo buildings. and don't forget the speed of the urbanization process is going on in china. but as a national strategy also to balance the economy away from the capital kind of investment towards domestic consumptio
but how do you see the big picture in china? there's definitely a narrative that says high levels of capital spending lead to poor profitability and maybe that's what the stock markets had a sniff on over the last 18 months. where do you think we are in that story? >> well, no doubt it's driven by capital like all capital investments. and where are the investments going? they're going to china's massive infrastructure. don't forget china is still in the middle of a largest organization...
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Dec 3, 2012
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so any demand elsewhere could have an impact on china. >> have we had the china slowdown? >> we've had mosts of it i think. but again, china is very much in recent line with the cycle of the global economy and we'll be looking for some of the big growth engines to help them, as well. >> what's the chinese swing factor for investors? >> sitting in europe clearly it's something we focus upon. is it a driving force, absolutely not. the tail risk i think is what scares us. so do i feel heartened by the numbers in china, yes, it's kind of a positive. but there's more important things. >> if you're worried about synchronized global slowdown, you need one begin sort of spluttering on a little bit better. >> the difficulty is that it's a very large consensus among the investors in europe that come what may, they're not going to feel terribly positive about the outlook for the eurozone. the best case scenario is people who have maybe 1%, 1.5%, 2% growth and search weaker in the periphery. as a result, you need something quite astounding out of china to make you feel better. >> you
so any demand elsewhere could have an impact on china. >> have we had the china slowdown? >> we've had mosts of it i think. but again, china is very much in recent line with the cycle of the global economy and we'll be looking for some of the big growth engines to help them, as well. >> what's the chinese swing factor for investors? >> sitting in europe clearly it's something we focus upon. is it a driving force, absolutely not. the tail risk i think is what scares us....
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Dec 18, 2012
12/12
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i think china will continue to play it. i think that would be better, more obvious great stories in the like in the next ten years in china. >> such at? >> the obvious concern, i'm not concerned about the residential property side, but international property, larger entities, that would be a concern that would continue to rear its head, i think. and i look at the stock pickses of chinese industries. just determined the bank roll losses for that industry and that's slightly concerning, as well. i see china more as a trade market rather than a strategic bet. within that, we are keen to extend ourselves to only the mining sector. >> there's plenty of pessimism for people to come in. in other central bank news, sweden has lowered its key interest rate by 25 basis points to 1%. in a widely expected move. the central bank says it sees the repo rate remaining for the coming year. riksbank deputy swensen says he is pushing for heavier cuts. >>> in australia, the decision to lower rates at its december policy meeting appears to be a
i think china will continue to play it. i think that would be better, more obvious great stories in the like in the next ten years in china. >> such at? >> the obvious concern, i'm not concerned about the residential property side, but international property, larger entities, that would be a concern that would continue to rear its head, i think. and i look at the stock pickses of chinese industries. just determined the bank roll losses for that industry and that's slightly...
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Dec 3, 2012
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on one side china data coming in better than expected overnight. there's a little more optimism about a greek resolution. in the other corner, continued worries about what else? tax hikes and spending cuts. notice i did not call it the fiscal cliff. so ultimately which wins out? let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients about what's going to happen on january 1st? >> it's not so much that they're concerned about what happens on january 1st because i think the bulk of our meetings have focused on the fact that this isn't really a cliff so much as a lot of people have been saying a slope. more importantly to your first question, i have been on the road for the better part of 2 1/2 months now. i don't really get many questions or have many debates about greece or spain anymore. i think there's definitely a back burner element to what's going on in europe as people focus whether
on one side china data coming in better than expected overnight. there's a little more optimism about a greek resolution. in the other corner, continued worries about what else? tax hikes and spending cuts. notice i did not call it the fiscal cliff. so ultimately which wins out? let's ask gina sanchez, director of equity and asset allocation at rubini global economics. dan, i know you've been traveling, london, san fran, all parts in between last couple of weeks. how concerned are your clients...
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Dec 5, 2012
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that get into china. so it's not all roses, but we need new marketplaces and china is certainly growing as an extraordinary pace. >> yeah, and what's it like trying to finance productions at the moment? >> just globally -- i mean, the marketplace is pretty strong. after 2008, there was -- we kind of hit a roadblock with banks and with wall street and all of that kind of stuff. but i think the marketplace and the financial marketplace has come back pretty strong. though there are problems in some territories in europe like italy and spain, greece, of course. there are other strong markets. again, this is a reason why china and russia and brazil and india have become so important at the global scenario. >> okay, we wish you all the best. have a great few days there in singapore. >>> the british chancellor executive george osborne is giving his autumn statement today. the chancellor has already dropped big hints about what we can expect. katie barnfield has gone up to man chester to see how the government's
that get into china. so it's not all roses, but we need new marketplaces and china is certainly growing as an extraordinary pace. >> yeah, and what's it like trying to finance productions at the moment? >> just globally -- i mean, the marketplace is pretty strong. after 2008, there was -- we kind of hit a roadblock with banks and with wall street and all of that kind of stuff. but i think the marketplace and the financial marketplace has come back pretty strong. though there are...
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Dec 19, 2012
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/china relationship? >> well, i think that it's a little too early to tell that this is symptomatic of the new administration. but i do expect that there will be progress in certain areas. china has been asking the u.s. to lift restrictions on high-tech exports. and i gather that the obama administration is consider something kind of overhaul of the current restrictions. so there might be some change there was benefit to china. and on the u.s. side, the u.s. would like china to lift restrictions on imports of livestock. and it looks like china is willing to do that on a gradual basis. so i think that there would be some positives coming out of these meetings today and tomorrow. >> and lastly, frank, what would be the most significant policy move period to come from this. again, aside from the news we've already heard about the import duties, are you looking for any big-name tie-ups, or is this about meeting and shaking hands, especially because the u.s. leadership still isn't settled, erkts speci especial
/china relationship? >> well, i think that it's a little too early to tell that this is symptomatic of the new administration. but i do expect that there will be progress in certain areas. china has been asking the u.s. to lift restrictions on high-tech exports. and i gather that the obama administration is consider something kind of overhaul of the current restrictions. so there might be some change there was benefit to china. and on the u.s. side, the u.s. would like china to lift...
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Dec 14, 2012
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china's top leader res expected to meet saturday and sunday and monday we'll finally gets china's foreign direct investment numbers for december. lots to watch and it will be interesting to keep appear eye on how traders sxret express views over the weekend. straight ahead on the show, a round about in east london is being hailed as europe's answer to silicone valley. but should california tech giants be shaking in their hoodies? stay tuned. >>> welcome back to the program. the financial times picked mario draghi as its financial person for the year. earlier in the program, we asked you who would be your pick. bruce tweeted in to say silvia wadhwa, she's my favorite. silvia gets our vote, too. get in touch with us by e-mail, worldwide@cnbc.com, tweet us or tweet ross even though he's not here. in fact, i encourage that. >>> east london has been hailed to europe's answer to silicone valley. can it really compete? and what's in it for investors? tom mckenzie reports. >> in just a few years, london's tech city has grown from a handful of companies to a buzzing cluster of close to 5,000 busin
china's top leader res expected to meet saturday and sunday and monday we'll finally gets china's foreign direct investment numbers for december. lots to watch and it will be interesting to keep appear eye on how traders sxret express views over the weekend. straight ahead on the show, a round about in east london is being hailed as europe's answer to silicone valley. but should california tech giants be shaking in their hoodies? stay tuned. >>> welcome back to the program. the...
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Dec 4, 2012
12/12
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especially markets like china. and the ideal way to ride out these difficult times and to reduce costs would be to acquire properties that mine steel making raw materials. and that's exactly what posco is doing according to these reports that say a consortium that it leads has been named preferred bid forea stake in a canadian mine. some reports say it's seeking to acquire around a 10% to 15% stake and is scheduled to sign a sales and purchase agreement early next year. and how will posco finance this acquisition? observers say it's been selling many noncore assets like its holdings in sk telecom to cushion these investment plans like the purchase of the australian steel and iron ore producer aryan which by the way collapsed late october. back to you. >> all right, chery, thanks for that. still to come, we'll speak as to a guest who believes volatility in the oil market will continue well into 2013. we'll find where his predictions are for crude next year. i always wait until the last minute. can i still ship a gif
especially markets like china. and the ideal way to ride out these difficult times and to reduce costs would be to acquire properties that mine steel making raw materials. and that's exactly what posco is doing according to these reports that say a consortium that it leads has been named preferred bid forea stake in a canadian mine. some reports say it's seeking to acquire around a 10% to 15% stake and is scheduled to sign a sales and purchase agreement early next year. and how will posco...
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Dec 21, 2012
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now, in greater china, also some losses. the shanghai comp is more isolated than the rest of these markets from global happenings. it wasn't really the fiscal cliff worries that had this index down. this index has rallied in december. but it's still under water while the rest of the indexes are notching some percentages for the year. they control about three quarters of trade in this market, so, really, they're going to have to buy in if they're going to see any sustained rally. the hang seng is up about 22% for the day. pulling back this week, we're down .7% weighing heavily in this market were the chinese banks. the banks listed in shanghai. liquidity concerns as they head into the end of the year and try wrapping up their balance sheets for regulatory requirements next year. that's the asx worries here. and the bse sensex, the momentum of losses has been increasing over the last little bit. but this market doing very well on the year, as well, up nearly 25%. so a pretty ugly picture here, kelly, but if the world is going
now, in greater china, also some losses. the shanghai comp is more isolated than the rest of these markets from global happenings. it wasn't really the fiscal cliff worries that had this index down. this index has rallied in december. but it's still under water while the rest of the indexes are notching some percentages for the year. they control about three quarters of trade in this market, so, really, they're going to have to buy in if they're going to see any sustained rally. the hang seng...
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Dec 31, 2012
12/12
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china pmi rising to 51.5. and that is a result of manufacturing in china in a year and a half. the shanghai index ended the day about 1.6% higher, highest close since june 20th. it has been a nice run that we've seen also in china to our point before. it's been up 16% since its four-year low in december. >> for the year the index is up 3% right now. for those who missed it, this will be the first annual gain in, i believe, three years' time. this has not been a positive stock market, despite the economy growing 7%, 8%, 9% or so. as the chinese president said this morning, there will be policies put in place to support growth. and whatever nervousness in the transition is going to fade and policymakers can get more involved. >> we've seen this play out in the metal stakes. the best fourth quarter in two years, up 56%. iron ore prices. that's a real lead on demand. and especially as the chinese government makes all these nods toward urbanization plans and the need to update and invest in infrastructure. these are the areas where you want to be. >> yeah. also ties into what clearl
china pmi rising to 51.5. and that is a result of manufacturing in china in a year and a half. the shanghai index ended the day about 1.6% higher, highest close since june 20th. it has been a nice run that we've seen also in china to our point before. it's been up 16% since its four-year low in december. >> for the year the index is up 3% right now. for those who missed it, this will be the first annual gain in, i believe, three years' time. this has not been a positive stock market,...
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Dec 26, 2012
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you could do it, if you lived in china. once again, america's proof we are falling behind in infrastructure. thanks for watching "street signs." i'll send it to "closing bell." >> and hello again, everybody. welcome to the "closing bell." i'm mandy drury sitting in for maria bartiromo. happy boxing day as well. >> christmas is over but mandy has been celebrating boxing day all day. we didn't get any presents from lawmakers in washington yet. we're still five days away from falling off the proverbial fiscal cliff and wall street, like everybody else, is waiting for some kind of a solution here, and as you can see by today's numbers the waiting game continues, although we thank brian sullivan and you, mandy, for bringing us back to positive territory in the last hour. >> i'm not sure we can take credit but we'll take it. >> the dow is up a fraction at the moment. 13,139 after a meandering much of the day. the nasdaq hardest hit today. technology has been very volatile recently. still down a fraction right now. 13 points, frac
you could do it, if you lived in china. once again, america's proof we are falling behind in infrastructure. thanks for watching "street signs." i'll send it to "closing bell." >> and hello again, everybody. welcome to the "closing bell." i'm mandy drury sitting in for maria bartiromo. happy boxing day as well. >> christmas is over but mandy has been celebrating boxing day all day. we didn't get any presents from lawmakers in washington yet. we're still...
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Dec 7, 2012
12/12
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but in china, no such luck. after beijing's worst downpour in decades washed out this home, he and his wife had to borrow $3100 in friends and relatives to rebuild, a small fortune on his meager salary. there's no such thing as homeowners insurance, he says. the industry here has been agreeing over the past decade, but still underdeveloped with private policies largely a foreign idea. in countries like the united states, homeowners insurance replaces pretty much whatever somebody owns. about you but here there is no such guarantees, so people are forced to salvage whatever they can on their own. as more chinese get richer, many are looking for ways two o prot their wealth and lives. >> people are some savings, a first car and all that, typically insurance product is actually a very good product for them. >> right now car insurance is popular. china is expected to become the second largest insurance market behind the u.s. by 2020. and the competition is fierce, still dominated by chinese players like picc. intern
but in china, no such luck. after beijing's worst downpour in decades washed out this home, he and his wife had to borrow $3100 in friends and relatives to rebuild, a small fortune on his meager salary. there's no such thing as homeowners insurance, he says. the industry here has been agreeing over the past decade, but still underdeveloped with private policies largely a foreign idea. in countries like the united states, homeowners insurance replaces pretty much whatever somebody owns. about...
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Dec 28, 2012
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china is about 10% of our business. it's about 30% of our clients. for our companies, we have about 11% or 12% of the total pipeline in the world and effectively 30% of that is china. so china is now our second biggest market. is between -- let me get the years right. between '09 and '11, our business doubled there from $1 billion to $2 billion a year. it is a smaller growth compared to the u.s. we're seeing the u.s. continue to grow, asia continue to grow, not just china, but other parts of asia. india has a very big percentage growth. but i think we've got a nice balance of growth around the world. >> on the middle east, i'm assuming that business in most areas of the middle east has been quite tough over the past two years especially or are you seeing pockets that are continuing to grow despite the uncertainty. >> you actually, uae and saudi have been very strong. but clearly egypt and places like syria, lebanon, so on have been affected. so it really is -- and we've defer natalie seen a reduction in development in the middle east. so it is a big
china is about 10% of our business. it's about 30% of our clients. for our companies, we have about 11% or 12% of the total pipeline in the world and effectively 30% of that is china. so china is now our second biggest market. is between -- let me get the years right. between '09 and '11, our business doubled there from $1 billion to $2 billion a year. it is a smaller growth compared to the u.s. we're seeing the u.s. continue to grow, asia continue to grow, not just china, but other parts of...
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Dec 14, 2012
12/12
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china stocks having a bit of a comeback year. in other words, as a global guide, there are options to playing this fiscal cliff game here in new york. >> absolutely. you don't have to just trade the s&p 500. i mean, look at tonight, you're seeing australia up a third of a point. the japanese yen is doing very well. look at hong kong. if you want to take what the federal reserve did and apply it internationally, look at hong kong. their monetary policy is pegged to what the federal reserve does. but they have an inflation issue and their economy is tied to china. so if you buy something like ewh, the hong kong etf, all those stocks are priced in hong kong dollars. if the hong kong dollar is repegged, the ewh will go up as much as the repegging. >> what does that mean for the u.s. market? where are you on the u.s. market right now? >> you know, i think right now, probably to the end of year, if we can get some kind of movement on this fiscal cliff, you have a real potential for a pop, 3%, 4%, 5%. unfortunately, as i look to 2013, i
china stocks having a bit of a comeback year. in other words, as a global guide, there are options to playing this fiscal cliff game here in new york. >> absolutely. you don't have to just trade the s&p 500. i mean, look at tonight, you're seeing australia up a third of a point. the japanese yen is doing very well. look at hong kong. if you want to take what the federal reserve did and apply it internationally, look at hong kong. their monetary policy is pegged to what the federal...
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Dec 19, 2012
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the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed unfairly low. the news from the commerce department comes as u.s. officials welcomed a high-level chinese delegation for trade and economic talks. the u.s. trade panel has final approval over the duties and is expected to vote on the case in late january. >>> in corporate news, ubs hit with a $1.5 million fine today. that will add up, a few more of those. the swiss bank admitting to fraud, it paying bribes to brokers. and pervasive, they call it manipulation of libor by dozens of staff. the penalty was agreed to with u.s., u.k., and swiss regulators. it is mo
the world bank sees china expanding by 8.4% next year. it's expecting that it will be fueled by fiscal stimulus and the faster implementation of large investment projects. today's forecast is higher than an earlier one that was sited in a world bank report in october. 8.4%, not bad both if you can get it. >>> speaking of china, the united states is moving forward with plans to slap steep anti-dumping duties on wind turbine towers that are imported from china at prices that are deemed...
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Dec 13, 2012
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most of the future growth is coming out of china. it is a market which is exploding. i think in 2010, they had 58 million people leaving china. it was 72 million last year. it will be about 80 million by the end of in year. it's all the product of lots of new people coming into the middle class and wanting to travel for the first time. >>> and this is one destination that would use a lot of world visitors spending their money. is it still as appealing? >> yes. europe is never going to lose its appeal. certainly visitors from asia want to come and visit europe. i think the europe outbound market is a bit sluggish at the moment. but it is still the case that people want to travel. and families will make a lot of sacrifices. they might not change a car, but they will absolutely protect their family holiday. europe will still grow, despite the economic difficulties. >> i also wonder when we saw the cost of airfare come down, when we've seen incomes rise, do you expect the rapid, rapid growth that we've seen to continue or is it market now maturing? >> no, the market is no
most of the future growth is coming out of china. it is a market which is exploding. i think in 2010, they had 58 million people leaving china. it was 72 million last year. it will be about 80 million by the end of in year. it's all the product of lots of new people coming into the middle class and wanting to travel for the first time. >>> and this is one destination that would use a lot of world visitors spending their money. is it still as appealing? >> yes. europe is never...
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Dec 20, 2012
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china clearly has bottomed. and i think with the new leadership in place, we'll have much more talk about urbanization and the restructuring that will continue to take place there and so that leaves us with europe. and europe is not doing well. we all know that. but i think europe has stopped deteriorating. so if we look at the pmi numbers, for example, they're still really bad, but they have stopped going down and some of the numbers increased even though they're still well below 50. all of this together means that i think it's going to be a very interesting year for equities that will make money in equities this year. >> virginie, if there's any good news for investors, maybe they can focus on fundamentals or looking at some particular companies, you know, is it a stock picker's market, that kind of thing. but we have major electrics. especially just mentioned europe, we have german elections, we have what's going on in italy. is it going to still be about politics or is it a market that will overcome that? >>
china clearly has bottomed. and i think with the new leadership in place, we'll have much more talk about urbanization and the restructuring that will continue to take place there and so that leaves us with europe. and europe is not doing well. we all know that. but i think europe has stopped deteriorating. so if we look at the pmi numbers, for example, they're still really bad, but they have stopped going down and some of the numbers increased even though they're still well below 50. all of...
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Dec 3, 2012
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. >> and in global market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the country's efforts to cut its about a along debt. and in germany, merkel is not ruling out the possibility of notifying greece some of its debt once athens finances are in better shape. angela merkel told a german tabloid that the question of the so-called haircut can be revisited. in the past, merkel's government had ruled out forgiving any debt. >> in corporate new, ubs is reportedly close to a settlement. the "new york times" says the swiss bank is expected to pay horn $450 million over claims that some of its employees submitted false libor rates. that's pretty huge story a
. >> and in global market news, a lot of talk about china this morning. a final reading of hsbc's manufacturing purchasing manager's survey for china rising in november, first time above the key 50 mark which indicates expanding rather than contraction. it's been since october of last year. also abroad greece announcing it will buy back bonds through a dutch auction. the set up whether allow athenss to assess the level of demand before setting a final bryce for the deal. part of the...
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Dec 20, 2012
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do they have carried interest thing in china? >> all carried interest. >> the whole country is carried interest. >> all state-owned enterprise carried interest. >> retail, jim, is among the laggards today. bed bath the worst performer. mentioned that earlier. kohl's, macy's, target, penne, game stop, nordstrom. des started off a little soft. if claims spike up a bit, maybe the month doesn't end the way some people wish it had. >> gift cliff, way too warm, natural gas, what was the statistic you gave, an anti-retail statistic. >> about new york city? >> yeah. >> 2012 on track to be the warmest on record. average temp, i think 57. 57 degrees. >> i don't wear north face when it is 57. >> our ugg boots. >> i think north face -- >> i don't wear ugg boots in any season. >> but do you have a combination of sandy taking out a lot of november, warm weather, what i call the gift cliff, falling off the gift cliff. we need some cold weather between now and next week. just -- >> coat sales? >> no, because clothing sales, remember if you are a
do they have carried interest thing in china? >> all carried interest. >> the whole country is carried interest. >> all state-owned enterprise carried interest. >> retail, jim, is among the laggards today. bed bath the worst performer. mentioned that earlier. kohl's, macy's, target, penne, game stop, nordstrom. des started off a little soft. if claims spike up a bit, maybe the month doesn't end the way some people wish it had. >> gift cliff, way too warm, natural...
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>> china is creating that great demand? >> yeah. the chinese customers. >> aren't margins lower than in an average hotel? you charge more but the services cost more. >> very expensive -- we need to be in a location that we can charge a good price and have high occupancy. otherwise the model doesn't work. >> what's the cheapest room i could get? >> in cairo? >> dominic strauss kahn -- >> in kabul, $800. for christmas, $2,000 a night. >> 2,000? >> for the christmas season, yes. and of course, the rest of year is about $800 a night. but last year, christmas, 64% of our guests rebooked for this year. that means we're giving value. that's what it's all about. that customer wants value by individually reliable attention. and that's what we're doing. business is exceptional. what is not exceptional is development of new hotels in the u.s. and europe. there's not development the last few years. that is, of course -- that hampers our growth. >> it hampers growth but makes you more -- the ones that are existing would be more dear, wouldn't th
>> china is creating that great demand? >> yeah. the chinese customers. >> aren't margins lower than in an average hotel? you charge more but the services cost more. >> very expensive -- we need to be in a location that we can charge a good price and have high occupancy. otherwise the model doesn't work. >> what's the cheapest room i could get? >> in cairo? >> dominic strauss kahn -- >> in kabul, $800. for christmas, $2,000 a night. >>...
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Dec 24, 2012
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recession, they were saying, china hard landing. so when some of these things didn't happen, all we needed last year, this year, was less bad in the market. i think in 2013, we're going to need to see better economic growth as the year moves forward. because, as you say, the market is reasonably valued. but it's not cheap. and i think to jason's earlier point, there are some stocks out there that are very, very attractive. but there are some stocks that look fairly expensive, and those are the ones that are the defensive, and high-income plays today. >> chris, everyone's waiting for this asset allocation shift away from fixed income, towards equities. the retail investor, for whatever reason, for a variety of reasons that we can all list, i guess, has just been very hesitant to do that. when does that happen? and does that happen in 2013? >> well, you would think it should, given where we have a start in yields, especially on treasuries. but almost across the board in fixed income the starting yields are very unattractive depending
recession, they were saying, china hard landing. so when some of these things didn't happen, all we needed last year, this year, was less bad in the market. i think in 2013, we're going to need to see better economic growth as the year moves forward. because, as you say, the market is reasonably valued. but it's not cheap. and i think to jason's earlier point, there are some stocks out there that are very, very attractive. but there are some stocks that look fairly expensive, and those are the...
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of big caterpillar equipment and talk about what's going on in china and i hope we get back to that. you're right that's all we're talking about instead of talking about caterpillar and what you do well as a great company. >> thank you. again, every time i come to the floor it's the hub of our greatness in this country of business. it's why we're here. it's really fun and exciting and let answer get into '13 and get into real things. i'm with you, joe. >> i know, but this deal has to play in peoria. >> it will play. >> compared to what you got in illinois now anything looks good. thanks. >> okay. >>> the executive chef tpz at jpmorgan the bank naming two chief officers to oversee things like anti-moneying. kayla tausche joins us. >> the person to watch everyone watching is looking at jez staly, he was chairman as of july largely viewed as a swank song role that rivals have taken note of. there were discussions over the ceo at legg mason, the baltimore asset manager. the talks fell apart and staly was the top of the short list for the board and recruiters after being serious talks for
of big caterpillar equipment and talk about what's going on in china and i hope we get back to that. you're right that's all we're talking about instead of talking about caterpillar and what you do well as a great company. >> thank you. again, every time i come to the floor it's the hub of our greatness in this country of business. it's why we're here. it's really fun and exciting and let answer get into '13 and get into real things. i'm with you, joe. >> i know, but this deal has...
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a lot of that from china. the basic issue is this. there are container royalty fees which supplement wages. the employers want the amount capped. the dock workers do not. this is such a big deal florida governor rick scott sent a three-page letter to the president late last week urging him to intervene, quote, the predicted effects of a strike on the state of florida would be devastating. it currently generated 550 direct and indirect jobs in florida and contributes approximately $66 billion in economic value to florida's economy. governor scott invoked the taft-hartley act that says the president can intervene with labor disputes that, quote, imperil the national health or safety, end quote. the u.s. mx said the stoppage in the west coast a decade ago cost the economy about $1 billion a day. reportedly the unions offered to extend the contract through january was rejected. if there's a strike, the union says clothing, frozen foods and household goods would not move. but mail, military cargo and some perishables may go through. the la
a lot of that from china. the basic issue is this. there are container royalty fees which supplement wages. the employers want the amount capped. the dock workers do not. this is such a big deal florida governor rick scott sent a three-page letter to the president late last week urging him to intervene, quote, the predicted effects of a strike on the state of florida would be devastating. it currently generated 550 direct and indirect jobs in florida and contributes approximately $66 billion in...
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Dec 13, 2012
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and they have a fast-growing chain in china. so for all its problems, i do believe that schulze believes that there is things that they can do to save the company and not only save it but make it prosperous. >> just before we let you go, do you have any appreciation as to what might be an acceptable offer? i mean, are there figures being bandied around from the other side? >> yeah. we've heard that best buy would be comfortable with $20 a share. now, whether or not they get that or not, i don't know. but i think it's interesting that the buzz is out there that the company would be open to $20 a share. you certainly would have heard that just a few months ago when this whole process started. >> thomas, congratulations on your exclusive. it's good to see you. thomas lee from "the minneapolis star-tribune." thank you. >> thank you. >>> speaker boehner coming out just moments ago saying the president needs to step up in the fiscal cliff negotiations. the democratic leadership is preparing to respond. we will bring you comments from
and they have a fast-growing chain in china. so for all its problems, i do believe that schulze believes that there is things that they can do to save the company and not only save it but make it prosperous. >> just before we let you go, do you have any appreciation as to what might be an acceptable offer? i mean, are there figures being bandied around from the other side? >> yeah. we've heard that best buy would be comfortable with $20 a share. now, whether or not they get that or...
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you're using cheap labor in china. you're not going to have that in the united states, and also you're talking about adding infrastructure costs, how that might impact their bottom line remains to be seen, but tim cook made it clear this is not a financial move necessarily. this is a move to really bring back jobs to the united states and do something positive for the american economy. >> for now apple isn't saying which computer will be built in the u.s. you can be sure a lot of people will wait to see that. stay tuned. >> a senate bombshell. tea party candidate jim demint catches everyone off guard announcing his return from the senate. my interview with him straight ahead. paired with savory garlic shrimp. just $12.99. come into red lobster and sea food differently. and introducing 7 lunch choices for just $7.99. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgr
you're using cheap labor in china. you're not going to have that in the united states, and also you're talking about adding infrastructure costs, how that might impact their bottom line remains to be seen, but tim cook made it clear this is not a financial move necessarily. this is a move to really bring back jobs to the united states and do something positive for the american economy. >> for now apple isn't saying which computer will be built in the u.s. you can be sure a lot of people...
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. >>> then china ease new leaders. we know their names but who are they and what can we expect from them. >>> the black swam predicted the economic crisis. the author on his fascinating new book. >>> which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for investigation. the news broke at a time when a conventional wisdom has begun to take hold that the middle east is much more dangerous, unstable, violent and anti-american than before. let's take a look at facts. in the 1980s the newly empowered radical unsettled the region with its promise to spread its revolution elsewhere. lebanon was in the midst of a bloody civil war. iran and iraq fought a gruesome war with over one million casualties. hezbollah attacked u.s. armed forces directly forcing a h humiliating withdrawal from lebanon. u.s. secrets were compromised. that was just in one decade. consider those days from israel's point of view. during the 1980s, jerusalem faced well arms regimes. no ara
. >>> then china ease new leaders. we know their names but who are they and what can we expect from them. >>> the black swam predicted the economic crisis. the author on his fascinating new book. >>> which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for investigation. the news broke at a time when a conventional wisdom has begun to take hold that the middle east is much more dangerous,...
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. >>> then china's new leaders. we know their names but who are they and what can we expect from them. is this china's gorbachev or will he take a hard line? >>> finally, the black swan, a best seller some say prediktsd the economic crisis. its author on his fascinating new book. >>> and the next phase of europe's crisis. which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for investigation. bringing back memories of the unpredictable palestinian leader. the news broke at a time when a conventional wisdom has begun to take hold that the middle east today is much more dangerous, unstable, violent and anti-american than before. let's take a look at facts. in the 1980s the newly empowered radical islamic republic of iran unsettled the region with its promise to spread its revolution elsewhere. lebanon was in the midst of a bloody civil war. that engulfed itself and the palestinians and israel. iran and iraq fought a gruesome war with over one million
. >>> then china's new leaders. we know their names but who are they and what can we expect from them. is this china's gorbachev or will he take a hard line? >>> finally, the black swan, a best seller some say prediktsd the economic crisis. its author on his fascinating new book. >>> and the next phase of europe's crisis. which nations might find themselves split apart. i'll explain. >>> first, here is my take. arafat's body has been exhumed for...
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Dec 8, 2012
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apple makes $100 billion but apple employs more people in china than it does in america. that to me is wrong. >> now, there is a globalization aspect to this and what i don't want to do is tell a company like apple look, you can't be a global business anymore because you've got to bring it all back to america. that's not what this is about. i do think this moral capitalism line which howard schultz at starbucks came up with is a strong one, actually. i always believed that the american public would reward companies like apple by going to buy the products if they made them here and they would actually be proud at buying an ipad or iphone that had made in the usa on it more than they would if they see made in china. >> but there are two elements to that. part of it is the moral capitalism and you can debate that on both sides of it. but the other part of it, are we educating enough kids who can do those jobs and compete on a global marketplace. >> that's what he said, the problem is more training than the cost of doing it. but apple can afford to train people. >> apple can
apple makes $100 billion but apple employs more people in china than it does in america. that to me is wrong. >> now, there is a globalization aspect to this and what i don't want to do is tell a company like apple look, you can't be a global business anymore because you've got to bring it all back to america. that's not what this is about. i do think this moral capitalism line which howard schultz at starbucks came up with is a strong one, actually. i always believed that the american...
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Dec 25, 2012
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we do know that china will be the biggest leading. >> china. china. >> it's clear that china is a competitor and a partier. >> number four, europe. the european union was fractured by too much debt approximate the austerity plans to fix it. that saga is far from other. >> number three, the housing market finally bottomed out. low home prices and record low mortgage rates set off a building and buying spree. investors were buying neighborhoods and first time buyers were able to get a home of their own for the first time in years as long as they had a hefty down payment. >> and barack obama will be re-elected president of the united states. >> the election. more than just about obama and romney. it was about socialism and capitalism. what kind of role government should have in your life. >> number one is the fiscal cliff. lawmakers saw it coming but didn't bother to pay any attention to it until after the election. had they put politics aside and dealt with it earlier, who knows how strong the u.s. economy would be right now. bye dad. drive safe.
we do know that china will be the biggest leading. >> china. china. >> it's clear that china is a competitor and a partier. >> number four, europe. the european union was fractured by too much debt approximate the austerity plans to fix it. that saga is far from other. >> number three, the housing market finally bottomed out. low home prices and record low mortgage rates set off a building and buying spree. investors were buying neighborhoods and first time buyers were...
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is china slowing or is china leading the world? we know that china will be the biggest economy in the world by 2020, for sure by 2030. >> china. >> china. >> china also getting more than a few mentions in the presidential campaign. probably because it's pretty clear china is boast a competitor and a partner. >> number four, europe. the european union was frared by too much debt and the austerity plan to fix it. that saga is far from over. number three, the housing market, finally, finally bottomed out. the combination of low home prices and continued record-low mortgage rates set off a building and buying spree. well heeled investors began buying entire neighborhoods, but first-time buyers were also able to get a home of their own for the first time in years, as long as they had a hefty downpayment. >> number two. >> cnn projects barack obama will be re-elected president of the united states. >> the election. more than just about obama and romney, it was about socialism and capitalism, spending and cutting, about what kind of role
is china slowing or is china leading the world? we know that china will be the biggest economy in the world by 2020, for sure by 2030. >> china. >> china. >> china also getting more than a few mentions in the presidential campaign. probably because it's pretty clear china is boast a competitor and a partner. >> number four, europe. the european union was frared by too much debt and the austerity plan to fix it. that saga is far from over. number three, the housing...
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is china slowing or is china leading the world? we know that china will be the biggest economy in the world by 2020, for sure by 2030. >> china. >> china. >> china also getting more than femeio ith pannud co-l pirti byewee o le3% to a f owfo t utestates. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not in its first day as a trading company. questions about nasdaq and the company's ability to make money on mobile users pummeled the stock which has yet to climb back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo, who announced she was just going to take a two-week maternity leave as she tried to turn the company around. looks like a mother's touch is just what yahoo needed. >> number six, mother nature. a drought in the midwest that scorched the corn and bean crops. who can forget superstorm sandy? neighborhoods along the northeast swept away. millions without power, and damages as high as $50 billion, raising lots of questions about u.s. infrastructure and wh
is china slowing or is china leading the world? we know that china will be the biggest economy in the world by 2020, for sure by 2030. >> china. >> china. >> china also getting more than femeio ith pannud co-l pirti byewee o le3% to a f owfo t utestates. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not in its first day as a trading company. questions about nasdaq and the company's ability to make money on mobile users...
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. >> china. >> china. >> china. >> china also getting more than a few mentions during the presidential campaign. it's pretty clear china is a competitor and a partner. >> number four, europe, the european union was fractured by too much debt and the austerity plans to fix it. that saga is far from over. >>> number three, the housing market. finally, finally bottomed out. the combination of low home prices and continued record low mortgage rates set off a building and buying spree. well-healed investors began buying entire neighborhoods, but first time buyers were also able to get a home of their own for the first time in years. as long as they had a hefty downpayment. >>> number two. >> cnn projects that barack obama will be re-elected president of the united states. >> the election. more than just about obama and romney. it was about socialism and capitalism. about spending and cutting. about what kind of role government should have in your life. >>> number one is the fiscal cliff. lawmakers saw it coming, but didn't bother to pay any attention to it until after the election. had they
. >> china. >> china. >> china. >> china also getting more than a few mentions during the presidential campaign. it's pretty clear china is a competitor and a partner. >> number four, europe, the european union was fractured by too much debt and the austerity plans to fix it. that saga is far from over. >>> number three, the housing market. finally, finally bottomed out. the combination of low home prices and continued record low mortgage rates set off a...
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children from a distance from many countries, whether it's guatemala, tibet, colombia, whatever country, china, vietnam, cambodia, if you look back in the history, as i said, i have been involved in this for decades, you will see many families never give up on their children even if they're held hostage by the country. >> that's what robert said, he will not give up. >> he's not alone. >> what do they see, when these families go? it strikes a chord with them. they see how the children are living. you say terrible, but take us inside and tell us what they see. >> the first thing you do, i have my eyes closes and can go back to any orphanage and you experience the silence. there's this deafening silence and there are these bad smells. then there's just these empty -- these empty rooms filled with cribs with silent children. kids who lie for hours, languishing. >> alone. >> alone, untouched, fed by bottle propping. often speed fed so they choke, they lie in their own feces and urine, they stink, they're untouchable, and the people who work there are not professionally trained so they don't want t
children from a distance from many countries, whether it's guatemala, tibet, colombia, whatever country, china, vietnam, cambodia, if you look back in the history, as i said, i have been involved in this for decades, you will see many families never give up on their children even if they're held hostage by the country. >> that's what robert said, he will not give up. >> he's not alone. >> what do they see, when these families go? it strikes a chord with them. they see how the...
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only china and ethiopia had more, about 2,500 from china, a little more than 1,700 from ethiopia. now, a big reason americans adopt from other countries is the sheer number of available children in russia. there are more than 650,000 orphans. compare that to the united states where there are a little more than 58,000 children living in state institutions or group homes. and adopting babies from american agencies can also be more expensive, and the adoptive parents may be required to have a future relationship with the birth mother. the u.s., of course, not happy with the russian president signing this adoption ban. and the united states is essentially letting russia know. i want to bring in our reporter at the state department. how are officials responding to this, and what can they possibly do? >> reporter: well, suzanne, as you know, the state department kind of handles these adoptions for u.s. parents to help them through the process, also with visa issues, citizenship issues, and issued a pretty tough statement this morning, saying the russian government's politically motivate
only china and ethiopia had more, about 2,500 from china, a little more than 1,700 from ethiopia. now, a big reason americans adopt from other countries is the sheer number of available children in russia. there are more than 650,000 orphans. compare that to the united states where there are a little more than 58,000 children living in state institutions or group homes. and adopting babies from american agencies can also be more expensive, and the adoptive parents may be required to have a...
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children from a distance from many countries, whether it's guatemala, tibet, colombia, whatever country, china, vietnam, cambodia, if you look back in the history, as i said, i have been involved in this for decades, you will see many families never give up on their children even if they're held hostage by the country. >> that's what robert said, he will not give up. >> he's not alone. >> what do they see, when these families go? it strikes a chord with them. and so, you know, to talk about the bad conditions, well, bad conditions are everywhere. i traveled to romania, russia, bolgaria, i spent the last god knows how many years working in orphanages trying to support >> alone. >> alone, untouched, fed by bottle propping. often speed fed so they choke, they lie in their own feces and urine, they stink, they're untouchable, and the people who work there are not professionally trained so they don't want to be near the kids. a lot of kids have underlying medical conditions, and there are no physicians who come in and qualify or quantify what their issues are, so they don't get that medical interve
children from a distance from many countries, whether it's guatemala, tibet, colombia, whatever country, china, vietnam, cambodia, if you look back in the history, as i said, i have been involved in this for decades, you will see many families never give up on their children even if they're held hostage by the country. >> that's what robert said, he will not give up. >> he's not alone. >> what do they see, when these families go? it strikes a chord with them. and so, you know,...
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the communist party of china selected new leaders. the secretive process produced a new president and l.a. lakers fan married to a rock star. but china's foreign policies are likely to stay the same, though the new leaders under pressure to deal with corruption and poverty at home. number five. mohamed morsi, a leader of the muslim brotherhood and islamist group became president of egypt. >> celebrate the victory of mohamed morsi. >> as his predecessor went on trial from his hospital bed, morsi impressed the west by helping to broker the cease-fire that ended an outbreak of warfare between hamas and israel. he then disappointed everyone by awarding himself sweeping powers at home, triggering outbursts of anger in tahrir square. number four. israel and hamas poured fuel on the fiery unrest in the region. one side firing rockets. the other launching missile strikes against targets in gaza. for the first time, israel felt vulnerable in jerusalem in tel aviv, the site of this bus attack in the waning days of the conflict before the big gu
the communist party of china selected new leaders. the secretive process produced a new president and l.a. lakers fan married to a rock star. but china's foreign policies are likely to stay the same, though the new leaders under pressure to deal with corruption and poverty at home. number five. mohamed morsi, a leader of the muslim brotherhood and islamist group became president of egypt. >> celebrate the victory of mohamed morsi. >> as his predecessor went on trial from his...
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republican, and it is hard to understand how our country now has infrastructure that's not as advanced as china, singapore and so many other places. those are investments that we can make now, putting jobs to work now, putting people to work now and also that will lead to long term growth. of course, we got to find out how we pay for it. >> governors, thank you both very much. i appreciate you joining me tonight. >> thank you. >> thanks. >>> i now want to bring in a man who says president obama's plan would create jobs and cut the deficit. he's democratic congressman chris van hollen, maryland, ranking member of the house budget committee. welcome to you, sir. you said today -- >> good to be with you. >> good to be with you, too. we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the fourth quarter? why wasn't this done in the first quarter? >> well, piers, as you know, there were a number of efforts before the election to get this done and there were major differences betwe
republican, and it is hard to understand how our country now has infrastructure that's not as advanced as china, singapore and so many other places. those are investments that we can make now, putting jobs to work now, putting people to work now and also that will lead to long term growth. of course, we got to find out how we pay for it. >> governors, thank you both very much. i appreciate you joining me tonight. >> thank you. >> thanks. >>> i now want to bring in a...
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. >> alan, quickly on china, i know you're going to make a big push to sell lincolns in china, setting up this sort of all dealers network. does china loom larger for you because of what we have seen economically in europe and with the looming fiscal cliff? >> absolutely. if you look at the markets worldwide and the economies and the auto industry, nearly a third of the market will be north and south america. a third will be europe and russia and africa. and about a third of the market will be asia pacific. and in china's case, to your point, china now has replaced the united states as the largest auto market. the chinese veitremendous respe for history. they know about henry ford and lincoln. so we'll be bringing the first lincoln vehicles to china in 2014. >> alan mulally, ford president and ceo. thank you for coming on. we appreciate it. >> thank you. >>> now this. an infant left without her parents after an nfl player just snaps. and now as a city mourns, sportscaster bob costas goes off on gun control. i'm brooke baldwin. the news is now. >>> if syria's chemical weapons are on the
. >> alan, quickly on china, i know you're going to make a big push to sell lincolns in china, setting up this sort of all dealers network. does china loom larger for you because of what we have seen economically in europe and with the looming fiscal cliff? >> absolutely. if you look at the markets worldwide and the economies and the auto industry, nearly a third of the market will be north and south america. a third will be europe and russia and africa. and about a third of the...
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and china is ready to overtake the u.s. sooner than you think. first, forget the fiscal cliff, because the economy is coming back. americans are feeling more optimistic about 2013 and if we play our cards right, we're going to see a new economic renaissance. td ameritrade recently surveyed folks on their outlook for the new year. 43% say they're downright optimistic about the economy and believe we're headed for a rebound. 45% are feeling good about their own finances, but we already know that things are starting to get better. look, we're adding jobs every month, consumer debt continues to shrink. stock markets are up. longer term, though. america will reap the rewards of its domestic energy boom and more oil and gas gets extracted. the drop in the price of natural gas is already helping utilities and factories compete. that's creating more american jobs. and there is more. housing will be the golden lining to the economic cloud that is hanging over this country. mortgage rates are at historic low and should stay that way for the next two years
and china is ready to overtake the u.s. sooner than you think. first, forget the fiscal cliff, because the economy is coming back. americans are feeling more optimistic about 2013 and if we play our cards right, we're going to see a new economic renaissance. td ameritrade recently surveyed folks on their outlook for the new year. 43% say they're downright optimistic about the economy and believe we're headed for a rebound. 45% are feeling good about their own finances, but we already know that...
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Dec 11, 2012
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. >>> new world order, the economy growing at an enormous rate in china, and in a few years it will surpass the u.s. what it means, coming up. >>> dozens of homes damaged in the south, ripping off roofs and damaging trees. more to come. stamp watch, straight ahead. >>> lots to talk about this morning. the next two hours, we'll talk with steve israel. jeff sessions, sandy levin, rahm emanuel and businessman javier paolomarez, ed burns, frankie monday easy, and chuck leavell. "starting point" begins right now. welcome, everybody. "starting point" this morning, angry, united. bracing for protests in michigan as the state is poised to become the most unionized right to work state. as many as 10,000 unionized workers expected at the state capitol to voice their disapproval of the measure. some of them teachers, two detroit area school districts shut down for the day as hundreds of teachers plan to join the protest. president obama brought it up during a trip to a daimler truck factory in redford, michigan. this is what he said. >> this so-called right to work law, they don't have to do with econ
. >>> new world order, the economy growing at an enormous rate in china, and in a few years it will surpass the u.s. what it means, coming up. >>> dozens of homes damaged in the south, ripping off roofs and damaging trees. more to come. stamp watch, straight ahead. >>> lots to talk about this morning. the next two hours, we'll talk with steve israel. jeff sessions, sandy levin, rahm emanuel and businessman javier paolomarez, ed burns, frankie monday easy, and chuck...
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Dec 29, 2012
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china is not a testimony democracy. they have a centralized government and what they're watching is some of the confusion that exists in democracy. democracy has a lot of advantages, but making decisions quickly is not one of them. >> all right. how about treasury secretary tim geithner? he says we are about to hit that debt ceiling, the legal limit at which a country can borrow money to pay its bills. and that has as much effect on markets as the cliff, correct? >> absolutely. and maybe even more. because the worst thing that could happen is that we stop paying our bills. the world is willing to give us money to help us pay our bills, the world is willing to accept a lot of things. but if the u.s. government stops paying its bills because it has hit the debt ceiling, that could be disastrous. that would mean clearly an entry into a recession and a lot of unemployment. because that would cause the faith and credit of the u.s. to be put in jeopardy. >> thank you very much for talking to us. and as demonstrated, the fisca
china is not a testimony democracy. they have a centralized government and what they're watching is some of the confusion that exists in democracy. democracy has a lot of advantages, but making decisions quickly is not one of them. >> all right. how about treasury secretary tim geithner? he says we are about to hit that debt ceiling, the legal limit at which a country can borrow money to pay its bills. and that has as much effect on markets as the cliff, correct? >> absolutely. and...